Thomas Cook Collapses and Ceases Trading with Immediate Effect
Travel giant Thomas Cook, one of the biggest names in the travel industry has announced that last minute negotiations to save the 178 year old company have failed.
The UK Civil Aviation Authority (CAA) said the tour operator had "ceased trading with immediate effect".
Peter Fankhauser, CEO of Thomas Cook since 2014 gave a speech outside Thomas Cook Head Office where he said the firm's collapse was a "matter of profound regret".
Mr Fankhauser went on the apologise to the companies 22000 employees and millions of customers worldwide.
What are your rights?
If you are on a package holiday you are covered by the Atol scheme.
The scheme will pay for your accommodation abroad, although you may have to move to a different hotel or apartment.
Atol will also pay to have you brought home if the airline is no longer operating.
If you have holiday booked in the future you will also be refunded by the scheme.
If you have booked a flight-only deal you will need to apply to your travel insurance company or credit card and debit card provider to seek a refund.
When Monarch Airlines collapsed in 2017, the government organised to bring home all the stranded passengers, whether they were covered by Atol or not.
Local travel company Cumbria Travel have also issued a statement.
“With regards to the sad news this morning, that after 178 years, Thomas Cook have sadly ceased trading.
To you all who have booked a Thomas Cook Holiday with Cumbria Travel, we want to reassure you that your money paid is protected as all our holidays are covered by ATOL. Our staff are ready to help you find the same or similar holiday. Any of our customers currently abroad on a Thomas Cook Holiday or flight will be looked after by the CAA & arrangements are in place to get you home.
Please call us, or for a quicker reply please pop in to see us in person in one of our stores where staff are ready to help. During this time we will not be able to respond to messages via social media.
As you will appreciate, there is a high demand of customers requiring our help, therefore we thank you for your patience & understanding during this time.
From all of us at Cumbria Travel to Thomas Cook employees... we are incredibly sad & thinking of everyone affected by this news.”